Fair Value (Tables)
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12 Months Ended |
Dec. 31, 2013
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Fair Value Disclosures [Abstract] |
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Assets and liabilities measured and recorded at fair value on a recurring basis |
The following table presents assets and liabilities measured and recorded at fair value on a recurring basis as of December 31, 2013 and 2012: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2013 | | December 31, 2012 | | Level 1 | | Level 2 | | Level 3 | | Netting (a) | | Net Balance | | Level 1 | | Level 2 | | Level 3 | | Netting (a) | | Net Balance | | (In millions) | Assets: | | | | | | | | | | | | | | | | | | | | Cash equivalents (b) | $ | 10 |
| | $ | 115 |
| | $ | — |
| | $ | — |
| | $ | 125 |
| | $ | — |
| | $ | 123 |
| | $ | — |
| | $ | — |
| | $ | 123 |
| Nuclear decommissioning trusts | 779 |
| | 412 |
| | — |
| | — |
| | 1,191 |
| | 694 |
| | 343 |
| | — |
| | — |
| | 1,037 |
| Other investments (c) (d) | 92 |
| | 44 |
| | — |
| | — |
| | 136 |
| | 66 |
| | 44 |
| | — |
| | — |
| | 110 |
| Derivative assets: | |
| | |
| | |
| | |
| | | | |
| | |
| | |
| | |
| | | Commodity Contracts: | |
| | |
| | |
| | |
| | | | |
| | |
| | |
| | |
| | | Natural Gas | 273 |
| | 89 |
| | 34 |
| | (382 | ) | | 14 |
| | 555 |
| | 66 |
| | 24 |
| | (605 | ) | | 40 |
| Electricity | — |
| | 261 |
| | 139 |
| | (291 | ) | | 109 |
| | — |
| | 226 |
| | 134 |
| | (258 | ) | | 102 |
| Other | 33 |
| | 1 |
| | 3 |
| | (34 | ) | | 3 |
| | 6 |
| | 3 |
| | 2 |
| | (6 | ) | | 5 |
| Total derivative assets | 306 |
| | 351 |
| | 176 |
| | (707 | ) | | 126 |
| | 561 |
| | 295 |
| | 160 |
| | (869 | ) | | 147 |
| Total | $ | 1,187 |
| | $ | 922 |
| | $ | 176 |
| | $ | (707 | ) | | $ | 1,578 |
| | $ | 1,321 |
| | $ | 805 |
| | $ | 160 |
| | $ | (869 | ) | | $ | 1,417 |
| | | | | | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | | | | | | | | | Derivative liabilities: | | | | | | | | | | | | | | | | | | | | Commodity Contracts: | |
| | |
| | |
| | |
| | | | |
| | |
| | |
| | |
| | | Natural Gas | $ | (277 | ) | | $ | (140 | ) | | $ | (86 | ) | | $ | 395 |
| | $ | (108 | ) | | $ | (526 | ) | | $ | (73 | ) | | $ | (62 | ) | | $ | 605 |
| | $ | (56 | ) | Electricity | — |
| | (272 | ) | | (126 | ) | | 269 |
| | (129 | ) | | — |
| | (240 | ) | | (111 | ) | | 258 |
| | (93 | ) | Other | (32 | ) | | (2 | ) | | — |
| | 34 |
| | — |
| | (6 | ) | | (1 | ) | | — |
| | 6 |
| | (1 | ) | Other derivative contracts (f) | — |
| | (1 | ) | | — |
| | — |
| | (1 | ) | | — |
| | (1 | ) | | — |
| | — |
| | (1 | ) | Total derivative liabilities | (309 | ) | | (415 | ) | | (212 | ) | | 698 |
| | (238 | ) | | (532 | ) | | (315 | ) | | (173 | ) | | 869 |
| | (151 | ) | Total | $ | (309 | ) | | $ | (415 | ) | | $ | (212 | ) | | $ | 698 |
| | $ | (238 | ) | | $ | (532 | ) | | $ | (315 | ) | | $ | (173 | ) | | $ | 869 |
| | $ | (151 | ) | Net Assets (liabilities) at the end of the period | $ | 878 |
| | $ | 507 |
| | $ | (36 | ) | | $ | (9 | ) | | $ | 1,340 |
| | $ | 789 |
| | $ | 490 |
| | $ | (13 | ) | | $ | — |
| | $ | 1,266 |
| Assets: | | | | | | | | | | | | | | | | | | | | Current | $ | 277 |
| | $ | 400 |
| | $ | 139 |
| | $ | (592 | ) | | $ | 224 |
| | $ | 493 |
| | $ | 372 |
| | $ | 120 |
| | $ | (754 | ) | | $ | 231 |
| Noncurrent (e) | 910 |
| | 522 |
| | 37 |
| | (115 | ) | | 1,354 |
| | 828 |
| | 433 |
| | 40 |
| | (115 | ) | | 1,186 |
| Total Assets | $ | 1,187 |
| | $ | 922 |
| | $ | 176 |
| | $ | (707 | ) | | $ | 1,578 |
| | $ | 1,321 |
| | $ | 805 |
| | $ | 160 |
| | $ | (869 | ) | | $ | 1,417 |
| Liabilities: | | | | | | | | | | | | | | | | | | | | Current | $ | (268 | ) | | $ | (328 | ) | | $ | (177 | ) | | $ | 578 |
| | $ | (195 | ) | | $ | (466 | ) | | $ | (269 | ) | | $ | (144 | ) | | $ | 754 |
| | $ | (125 | ) | Noncurrent | (41 | ) | | (87 | ) | | (35 | ) | | 120 |
| | (43 | ) | | (66 | ) | | (46 | ) | | (29 | ) | | 115 |
| | (26 | ) | Total Liabilities | $ | (309 | ) | | $ | (415 | ) | | $ | (212 | ) | | $ | 698 |
| | $ | (238 | ) | | $ | (532 | ) | | $ | (315 | ) | | $ | (173 | ) | | $ | 869 |
| | $ | (151 | ) | Net Assets (liabilities) at the end of the period | $ | 878 |
| | $ | 507 |
| | $ | (36 | ) | | $ | (9 | ) | | $ | 1,340 |
| | $ | 789 |
| | $ | 490 |
| | $ | (13 | ) | | $ | — |
| | $ | 1,266 |
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_______________________________________ | | (a) | Amounts represent the impact of master netting agreements that allow the Company to net gain and loss positions and cash collateral held or placed with the same counterparties. |
| | (b) | At December 31, 2013, available-for-sale securities of $125 million included $109 million and $16 million of cash equivalents included in Restricted cash and Other investments on the Consolidated Statements of Financial Position, respectively. At December 31, 2012, available-for-sale securities of $123 million, included $109 million and $14 million of cash equivalents included in Restricted cash and Other investments on the Consolidated Statements of Financial Position, respectively. |
| | (c) | Excludes cash surrender value of life insurance investments. |
| | (d) | Available-for-sale equity securities of $7 million at December 31, 2013 and $5 million at December 31, 2012 are included in Other investments on the Consolidated Statements of Financial Position. |
| | (e) | Includes $136 million and $110 million of Other investments that are included in the Consolidated Statements of Financial Position in Other investments at December 31, 2013 and 2012, respectively. |
| | (f) | Includes Interest rate contracts and Foreign currency exchange contracts. |
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2013 and 2012:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2013 | | Year Ended December 31, 2012 | | Natural Gas | | Electricity | | Other | | Total | | Natural Gas | | Electricity | | Other | | Total | | (In millions) | Net Assets (Liabilities) as of December 31 | $ | (38 | ) | | $ | 23 |
| | $ | 2 |
| | $ | (13 | ) | | $ | 6 |
| | $ | 32 |
| | $ | 6 |
| | $ | 44 |
| Transfers into Level 3 | 1 |
| | — |
| | — |
| | 1 |
| | 1 |
| | — |
| | — |
| | 1 |
| Total gains (losses): | | | | | | | | | | | | | | | | Included in earnings | (32 | ) | | 75 |
| | — |
| | 43 |
| | (41 | ) | | 101 |
| | — |
| | 60 |
| Recorded in regulatory assets/liabilities | — |
| | — |
| | 5 |
| | 5 |
| | — |
| | — |
| | 15 |
| | 15 |
| Purchases, issuances and settlements: | | | | | | | | | | | | | | | | Purchases | (8 | ) | | 1 |
| | — |
| | (7 | ) | | — |
| | 2 |
| | — |
| | 2 |
| Issuances | — |
| | (1 | ) | | — |
| | (1 | ) | | — |
| | — |
| | — |
| | — |
| Settlements | 25 |
| | (85 | ) | | (4 | ) | | (64 | ) | | (4 | ) | | (112 | ) | | (19 | ) | | (135 | ) | Net Assets (Liabilities) as of December 31 | $ | (52 | ) | | $ | 13 |
| | $ | 3 |
| | $ | (36 | ) | | $ | (38 | ) | | $ | 23 |
| | $ | 2 |
| | $ | (13 | ) | The amount of total gains (losses) included in net income attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31, 2013 and 2012 and reflected in Operating revenues and Fuel, purchased power and gas in the Consolidated Statements of Operations | $ | (49 | ) | | $ | 48 |
| | $ | — |
| | $ | (1 | ) | | $ | (33 | ) | | $ | 91 |
| | $ | — |
| | $ | 58 |
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Transfers Between Level 1 Level 2 and Level 3 [Table Text Block] |
The following table shows transfers between the levels of the fair value hierarchy for the years ended December 31, 2013 and 2012: | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2013 | Year Ended December 31, 2012 | | Level 1 | | Level 2 | | Level 3 | | Level 1 | | Level 2 | | Level 3 | | (In millions) | Transfers into Level 1 from | $ N/A |
| | $ | — |
| | $ | — |
| | $ N/A |
| | $ | — |
| | $ | — |
| Transfers into Level 2 from | — |
| | N/A |
| | — |
| | — |
| | N/A |
| | — |
| Transfers into Level 3 from | — |
| | 1 |
| | N/A |
| | — |
| | 1 |
| | N/A |
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Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] |
The following table presents the unobservable inputs related to Level 3 assets and liabilities as of December 31, 2013 and 2012: | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2013 | | | | | | | | | | | Commodity Contracts | | Derivative Assets | | Derivative Liabilities | | Valuation Techniques | | Unobservable Input | | Range | | Weighted Average | | | (In millions) | | | | | | | | | | | Natural Gas | | $ | 34 |
| | $ | (86 | ) | | Discounted Cash Flow | | Forward basis price (per MMBtu) | | $ | (0.88 | ) | — | $ | 5.07 | /MMBtu | | $ | (0.16 | )/MMBtu | Electricity | | $ | 139 |
| | $ | (126 | ) | | Discounted Cash Flow | | Forward basis price (per MWh) | | $ | (7 | ) | — | $ | 15 | /MWh | | $ | 3 | /MWh |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2012 | | | | | | | | | | | Commodity Contracts | | Derivative Assets | | Derivative Liabilities | | Valuation Techniques | | Unobservable Input | | Range | | Weighted Average | | | (In millions) | | | | | | | | | | | Natural Gas | | $ | 24 |
| | $ | (62 | ) | | Discounted Cash Flow | | Forward basis price (per MMBtu) | | $ | (0.63 | ) | — | $ | 1.95 | /MMBtu | | $ | 0.03 | /MMBtu | Electricity | | $ | 134 |
| | $ | (111 | ) | | Discounted Cash Flow | | Forward basis price (per MWh) | | $ | (2 | ) | — | $ | 16 | /MWh | | $ | 3 | /MWh |
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Fair Value of Financial Instruments [Table Text Block] |
The following table presents the carrying amount and fair value of financial instruments as of December 31, 2013 and 2012: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2013 | | December 31, 2012 | | Carrying | | Fair Value | | Carrying | | Fair Value | | Amount | | Level 1 | | Level 2 | | Level 3 | | Amount | | Level 1 | | Level 2 | | Level 3 | | (In millions) | Notes receivable, excluding capital leases | $ | 41 |
| | $ | — |
| | $ | — |
| | $ | 41 |
| | $ | 39 |
| | $ | — |
| | $ | — |
| | $ | 39 |
| Dividends payable | $ | 116 |
| | $ | 116 |
| | $ | — |
| | $ | — |
| | $ | 107 |
| | $ | 107 |
| | $ | — |
| | $ | — |
| Short-term borrowings | $ | 131 |
| | $ | — |
| | $ | 131 |
| | $ | — |
| | $ | 240 |
| | $ | — |
| | $ | 240 |
| | $ | — |
| Long-term debt | $ | 8,094 |
| | $ | 425 |
| | $ | 7,551 |
| | $ | 499 |
| | $ | 7,813 |
| | $ | 507 |
| | $ | 7,453 |
| | $ | 933 |
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Fair Value of Nuclear Decommissioning Trust Fund Assets Text Block [Table] |
The following table summarizes the fair value of the nuclear decommissioning trust fund assets: | | | | | | | | | | December 31, 2013 | | December 31, 2012 | | (In millions) | Fermi 2 | $ | 1,172 |
| | $ | 1,021 |
| Fermi 1 | 3 |
| | 3 |
| Low level radioactive waste | 16 |
| | 13 |
| Total | $ | 1,191 |
| | $ | 1,037 |
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Schedule of Realized Gain (Loss) [Table Text Block] |
The following table sets forth the gains and losses and proceeds from the sale of securities by the nuclear decommissioning trust funds: | | | | | | | | | | | | | | Year Ended December 31 | | 2013 | | 2012 | | 2011 | | (In millions) | Realized gains | $ | 83 |
| | $ | 37 |
| | $ | 46 |
| Realized losses | $ | (41 | ) | | $ | (31 | ) | | $ | (38 | ) | Proceeds from sales of securities | $ | 1,118 |
| | $ | 759 |
| | $ | 833 |
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Fair Value and Unrealized Gains for Nuclear Decommissioning Trust Fund Table [Table Text Block] |
The following table sets forth the fair value and unrealized gains for the nuclear decommissioning trust funds: | | | | | | | | | | | | | | | | | | December 31, 2013 | | December 31, 2012 | | Fair Value | | Unrealized Gains | | Fair Value | | Unrealized Gains | | (In millions) | Equity securities | $ | 730 |
| | $ | 201 |
| | $ | 631 |
| | $ | 122 |
| Debt securities | 442 |
| | 12 |
| | 399 |
| | 27 |
| Cash and cash equivalents | 19 |
| | — |
| | 7 |
| | — |
| | $ | 1,191 |
| | $ | 213 |
| | $ | 1,037 |
| | $ | 149 |
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